Aussie shares are mildly higher at midday helped by strength in materials and consumer discretionary stocks.
The S&P/ASX200 index is 19 points higher at 4,781 and on the futures market the SPI 200’s up 23 points.
In economic news, the Australian Industry Group - Commonwealth Bank performance of services index declined 2.3 points in November to a read of 52.5. Anything over 50 signals growth and the result showed that the service sector expanded for a second month.
And the Australian Bureau of Statistics said October retail sales improved 0.3% compared to October. The result was in line with analyst expectations.
In company news: Gindalbie Metals (ASX:GBG) has awarded a $70 million contract for the construction of an accommodation village at its $2 billion Karara iron ore project. The contract with West Australian construction company Doric Constructions is the first of many that will see a modern, state of the art accommodation facility constructed for its estimated 1350 workforce. Gindalbie Metals shares are 5.26% higher at $1.00.
Update to this morning’s story about the deadline issued by the government to the partners in the Browse liquefied natural gas project: Woodside Petroleum (ASX:WPL) said at a briefing this morning that it would be happy to increase its stake in the project if the opportunity were to arise. There is a possibility that one of the other partners including BHP Billion, BP, Royal Dutch Shell and Chevron may want to pull out. Woodside Petroleum shares are 0.46% lower at $49.57 at midday.
In market indices: The majority of sectors are in positive territory at midday and the sector with the biggest gain is the Consumer Discretionary index which is up 21 points to 1,625. Shares in Amalgamated Holdings advanced 4.25% to $6.13. Shares in Pacific Brands and G.U.D. Holdings are also higher.
The worst performing sector at midday is the Consumer Staples index, down 10 points to 7,629. Shares in Clean Seas Tuna fell 3.17% to $0.305. Shares in Coca Cola Amatil and Graincorp are also lower at noon.
Looking to New Zealand and the NZSX50 is 8 points higher.
The top 5 NZ stocks by turnover: Heading the list is Telstra with the stock 1.37% higher at $4.45, followed by Westpac, Telecom of New Zealand, Auckland Airport and ANZ.
To gold and the dollar: Gold is trading at US$1,225.25 an ounce and the Aussie dollar is trading at 92.9 US cents.
